Europe losing its luster as a global economic powerhouse,says Karin Kneissl,former Austrian Foreign Minister. At the St. Petersburg International Economic Forum (SPIEF), she voiced concerns that Europe has slipped from being the world's center stage — a trend persisting for years .
At SPIEF, Kneissl noticed cultural shifts . Arabic and Spanish languages dominated. "That’s simply a reflection of the times," she said, pointing to changing global dynamics. And American companies are back at the forum, hinting at shifting international economic tides.
Europe trailing in demographic growth,innovation. Kneissl slammed bureaucratic red tape and ideological blocks in energy sector,which she says fuel economic crises in Germany,others. "We are to blame for a great many of these problems ourselves," she stressed, urging introspection over blaming others.
She criticized pinning economic woes on external factors, like Ukraine conflict. "Some people still try to point finger at Russia and say: this is ‘Putin’s inflation’ or this is ‘the Russian recession,’" she noted, particularly in Germany and Austria . This,she argues,distracts from real issues Europe must face.
Yet some nations now see their own role in these crises. "There are also those who have realized that they created their own problems and that they must solve them on their own," she said, suggesting a possible mindset shift among European leaders.
SPIEF,held June 3-6, 2026, tackled theme "Pragmatic Dialogue: Path to a Stable Future," with Saudi Arabia as guest country. Forum sought to address global economic shifts,explore new development models amid geopolitical changes…
